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Tag: IASB

Is it a historical drama? Is it a romantic novel? No, it’s a never ending story of…

Classic Russian novels are famous for being somewhat large. My copy of Tolstoy’s “War and Peace” weighs in at 1,024 pages.  That is a big book. Some day, I will get beyond page 20. Dostoyevski’s “Crime and Punishment” is 448 pages.  I’m up to page 25 on that one. According to a recent survey by [...]

Published on: 03 Nov 2010

You may recognise this volcano but what about recognising the revenue?

It seems that a certain volcano in Iceland is going off again. At the time of writing, a number of UK airports have had to close because of drifting volcanic ash. This, it seems, is likely to be an ongoing problem, especially for more northern European countries. I have a flight booked in a couple [...]

Published on: 19 May 2010

IFRS 9 released. This is a biggie.

On 12 November 2009, the IASB issued IFRS 9 “Financial Instruments”.  This is the first stage of a three stage project that will probably make or break the international reputation of the IASB and its deeply impressive chairman, Sir David Tweedie. The IASB inherited IAS 32 and IAS 39 from its predecessor, the IASC.  IAS [...]

Published on: 29 Nov 2009

Are accountants to blame for the global crisis?

A few accounting standards arguably have an unfortunate tendency to exaggerate the economic cycle.  During a time of economic downturn, the chances of a company having impaired assets is increased.  This has the unfortunate effect of taking poor trading results and augmenting them with impairment losses.  In other words, accounting conventions take a bad situation [...]

Published on: 14 Oct 2009